“Many Banks Don’t Want to See Their LO’s Licensed”

Maybe I should say, they don’t want their better loan officers licensed.

Many loan officers moved away from the mortgage broker shops, because they couldn’t get licensed, as many failed the exams, no matter how many times they were taken.

I experienced the same issue. I had a loan officer take the exam and failed. He felt he would never be able to pass the exam, so he jumped ship and went to work for a bank.

I have interviewed many LO for the last couple of years that work for banks, many of which I wouldn’t hire.  All that were currently working at banks, felt they could do more business working for a mortgage broker, but many brought up the issue about getting licensed, as their main concern. If they are concerned about getting license, we’re not the right home for them.

How many loan officers will surviveThere have been rumblings, for some time, that states want to see all loan officers licensed. I wonder how many will survive?

 

Are Some Banks ‘Locking Up’ Their Loan Officers?

Description: http://cdn.originationnews.com/media/ui/print-icon.pngBy: Paul Muolo

We heard an interesting one the other day and it goes like this: certain banks may be asking their residential loan officers to sign an agreement that says they will not pursue their LO mortgage license with the state. We’re checking out leads on this, but it suggests that certain banks want to prevent their LOs from jumping ship to nonbanks where a license is required. (Residential bank LOs do not require a license – though they must register. Depending on the state, it can take two to three months to get a license – which can be an eternity if you’re unemployed.)

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

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Cell: 860 836-9294

Email: joe@righttracfg.com

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8 Comments on MANY BANKS DON'T WANT TO SEE THEIR LO'S LICENSED

AUG
24
535,858 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Education and standards. Two things certain banks want to keep from their workforce.
9:16am • #1
Outside Blog

I currently work for a bank.  I used to work for a lender.  I think all LO's should have been required to get their license, including bank LO's.  Knowledge/Education is a powerful thing to have.  Being in this industry for over 20 years, thru the years I have worked with people who would have benefitted from the extra training.   I have heard rumors that everyone will be required to have a license to include bank LO's.  I think that would be great, but I know banks would probably fight that.
9:30am • #2
190,409 Points 2 Featured Posts Outside Blog

Great article, Joe.  It does not surprise me that the Banks do not want their employees to be subjected to the same standards as others in the mortgage world.  When banks were using their appraisers for home loans, they had to be licensed.... why not the loan officers that view SSN's, bank statements, W-2's, income tax returns, and other proprietary information of the general public?

It is a right step in the right direction to protect the public from those that are just plain poor performers in that industry!
9:32am • #3
1,357,552 Points 243 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Joe, eventually I think we will see all LO's licensed, but most likely not in the near future.  Banks have a very strong lobbying group with lots of money that they have been putting into election campaigns.  That is going to be a hard one to overcome.
10:37am • #4
1,115,315 Points 101 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

will have to ask a couple of LOs I know if they have heard of such.  Seems totally wrong to make them NOT get licensed.
2:15pm • #5
795,559 Points Outside Blog

Good afternoon Joe.

Thank you for the post.

Have a nice weekend.
3:23pm • #6
442,260 Points 70 Featured Posts Outside Blog Called Shot Master

Joe, I had no idea that loan officers at banks weren't licensed.You have opened my eyes.
7:48pm • #7
AUG
26
629,401 Points 3 Featured Posts Outside Blog Attended Rain Camp

Good morning Joe,

In my opinion all mortgage professionals should be licensed, period.
5:58am • #8


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Joe Petrowsky

Manchester, CT

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Joe Petrowsky NMLS# 6869 - Right Trac Financial Group, Inc

Address: 110 Main St., Manchester, CT, 06042

Office Phone: (860) 647-7701 x 116

Cell Phone: (860) 836-9294

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